WASHINGTON (dpa-AFX) - Tesla Motors has confirmed plans to market a new low-cost sedan in the $35,000 range by 2017. The new Tesla Model 3 will come it at a price point comparable to a fully loaded Toyota Prius, which lists on the Toyota website for $34,700, according to CBS News.
According to Tesla chairman Elon Musk, the new model will be about one-third smaller than the company's flagship Model S, but will still get about 200 miles in range. Speaking with Auto Express, Musk said he was initially hoping to call the Model 3 the 'Model E' to increase the company's sex appeal:
'We had the model S for sedan and X for crossover SUV, then a friend asked what we were going to call the third car,' said Musk to Auto Express. 'So I said we had the model S and X, we might as well have the E.'
Sadly Ford had already locked up copyrights to the name 'Model E,' leaving Tesla to settle with Model 3. Tesla says they will have the first official model vehicles completed by 2016 and it should hit the market for sale in 2017.
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